GRUPO AGEAS PORTUGAL
the evolution of the banking industry , including four major game changers : the reduction of the branches , tight regulation , capital requirements and digital transformation . Additionally with distribution , there ’ s also been the emergence of direct channels from phone to digital . Agents have remained relevant , despite all early announcements that the channel would decline .”
He continues : “ On the technology side , the industry change has experienced the consequences of an increased pressure on shareholder return . In the early 2000s , we saw the first race for cost reduction , with the emergence of workflows to reduce paperwork and BPO on production , claims and call centres . After the crisis of 2008- 2012 , we saw an increased digitisation of processes and the incorporation of cognitive systems into sales the operations . Also the digitisation of the agents ' channels has gained enormous strategic relevance .”
But , more importantly , Vilela points to an increased focus on customer experience . He believes that developing technologies enhancing the customer experience are critical to success . “ Having websites and apps is mandatory , but by itself a differentiation factor . Customer centricity has evolved significantly – from some good intentions in a corporate mission statement , to an actual tangible reality , leveraging on technology .”
In order to remain relevant , insurers face the enormous challenge of cultural change , which then impacts organisational models and technology . Technology , Vilela says , is instrumental in this cultural shift and is an essential facilitator of change .
“ To be relevant and , consequently , sustainable , the insurance business needs to focus , and this is where the main cultural shift lies . On the one hand , partnering with distribution while focusing on the customer
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